2016 Monroe NY Real Estate Results
The real estate sales results for 2016 are now available as seen by the chart below. The overall story for 2016 was healthy volume. In 2015, a total of 169 homes were sold in the Monroe NY area, but in 2016, that number jumped to 227, an increase of 34%. That being said, the median price points remained relatively flat. In 2015, the median sales price was $267,800 and in 2016 it was $269,000.
As can be seen by the chart above, December's median sales price was 24% higher than the same time last year. It was also higher than the last few months. No short sales were included in December, although there were two foreclosures. Decreasing distressed properties can increase average and median sale prices.
Looking just at 2016 results, It is evident that the number of sales per month was healthy. In the first few months of the year, the # of sales were between 10-15 per month. They then rose to and remained around 20-25 each of the following months. That's a strong rate for the Monroe area.
In terms of inventory, currently there are only 86 single family homes for sale which is the lowest level for the area in the last five years. Because of low inventory, median prices may start moving up in 2017. I do expect buyers to be out in larger numbers, especially those who have been on the fence. Small rises in interest rates might push them into getting off that fence to start looking for the perfect home. If you have a home to sell in the area, definitely give me a call! New inventory is needed!
If you have any questions about Monroe or any Orange County area, feel free to contact me at 914-419-0270 or via email at firstname.lastname@example.org.
Originally published at thehousekat.com.